input tax credit

In a bold move to tackle corruption, the CBI detained a GST superintendent and an inspector in Giridih, accused of soliciting a bribe of Rs 90,000 from a complainant to fix an input tax credit dilemma. The officials reportedly intimidated the individual, threatening to revoke his GST registration.

Purchasing a second home involves significant tax considerations beyond the initial purchase price. Stamp duty, registration fees, and GST are upfront costs. Income tax implications vary based on whether the property is self-occupied, vacant, or rented out, with different deduction rules under old and new tax regimes. Understanding these nuances is crucial for financial planning.

As India opens its markets through FTAs, domestic cost structures, especially those linked to GST credit accumulation, become even more critical to ensure a level playing field.

Delhi Police's Economic Offences Wing is investigating fraudulent GST transactions totaling approximately Rs 141 crore. Three cases involve identity theft, where PAN card details and former firm credentials were misused to obtain fraudulent GST registrations and facilitate high-value tax irregularities. Investigations are ongoing into these alleged financial crimes.